T-Accounts and Trial Balance

Sigchi4life
Category:
Accounting
Price: $10 USD

Question description

The following is a list of transactions that have occurred during the month of June.

Date

Transaction

June 1

Started the business with (ID x 500) in cash.

June 2

Borrowed (ID x 50) $100,000 in the form of a note payable.

June 2

Purchased land with cash for (ID x 12).

June 2

Purchased building with cash for (ID x 150).

June 3

Purchased equipment on account for (ID x 50).

June 4

Purchased a 12-month insurance policy for $24,000.

June 5

Purchased $10,000 of Food and Beverage Inventory on account.

June 5

Generated $12,000 in room revenue. The guests paid cash.

June 6

Generated $3,000 in food and beverage revenue on account.

June 10

Paid $1,500 in cash for advertising.

June 15

Paid a utility bill of $2,000 in cash.

June 18

Received a $500 cash deposit for a future banquet.

June 22

Paid $1,800 in cash to repair an elevator.

June 28

Paid $4,000 in wages in cash.

June 30

You withdraw $500 from the business for personal use.

Required:

1. Prepare journal entries in good form for the transactions above.

2. Post the journal entries into T-accounts (make sure you have a total amount for each account). There should be no hardcoded numbers on the T-accounts, only formulas.

3. Complete a trial balance in good form as of June 30, 20xx (make sure you have headers and totals). There should be no hardcoded numbers on the trial balance, only formulas.


Tutor Answer

(Top Tutor) Daniel C.
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School: Boston College
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